Freedium, a company establishing a presence at the Dubai Multi Commodities Centre (DMCC), has announced at the Dubai Blockchain Forum, the launch of the first commodities backed digital stable currency tracking the US dollar.
Based on blockchain technology, Freedium will provide financing to commodity owners in emerging markets, particularly in Africa and in Latin America, Asia, and the Middle East. With plans to be operational by Q3 2018, the firm is expecting to issue its first Freedium coin in Q4 2018 and the company has set out to develop a solution based on blockchain technology to unleash emerging and developing countries from constraints such as limited access to financing, foreign exchange scarcity, volatile currencies and limited access to banking services. Given the importance of commodities for emerging and developing countries, Freedium chose to back its digital currency, the Freedium coin, with commodities.
“Emerging and developing countries have a population of six billion people, represent 60 per cent of global GDP and generated 80 per cent of global GDP growth since 2008. Mobile and smart phones have allowed these countries to get connected with the rest of the world and access the global information superhighway. Now, the blockchain technology can enable emerging and developing countries to efficiently transact with other nations and access global financial markets. Therefore, we set out to create a financially inclusive ecosystem that would enable people from emerging and developing countries to access financing and banking services to send, receive and store money in a stable and fully backed digital currency and trade in a seamless and efficient way using smart, KYC/AML compliant contracts,” said Keba Keinde, Founder and Chairman of Freedium.
Freedium chose Dubai as an operational base because it is a leading hub for emerging and developing economies. In addition to its well-established governance, legal and regulatory framework, Dubai provides an opportunity to partner with some of the world’s leading companies supporting global trade such as DMCC, Dubai Port, JAFZA and Emirates, and the emirate is working towards being at the forefront of technology and a strong advocate of the blockchain technology.
The firm has aligned with leading blockchain platform and technology partners, including WANCHAIN, VAPHR and BITSAPPHIRE. These strategic partnerships allowed for the development of technology to support the creation of a globally usable, fully backed by value, stable against the US Dollar and safe digital currency accessible on any device.
Moreover, Freedium has assembled a team of seasoned technology and investment professionals that is second to none, with in depth expertise in the blockchain technology and digital currency with a proven track record, such as Aron Dutta, former Global Head of Blockchain at IBM and Chairman of VAPHR, acting as Freedium’s Chief Strategy Officer.
"Our mission is to facilitate the seamless exchange of value between developed and emerging market trading entities in a trusted business environment. At the forefront of the fifth industrial revolution, VAPHR is excited to be a strategic partner in building this trusted marketplace for the exchange of value of any tokenized asset classes,” said Dutta.